Apple had plans to let users trade stocks on their iPhone

Apple almost developed an investing feature that would have allowed users to purchase and trade stocks directly on their iPhones. This feature was reportedly in the works during 2020, reports CNBC, but Apple eventually abandoned the idea as markets began to decline in the past year.
According to the report, Apple began working on investment features for the iPhone during the Covid pandemic, when interest rates were at an all-time low in the US. The conversations about this project reportedly started in 2020, around the time of the meme stock craze.
Originally, the feature was scheduled to be introduced in 2022. However, sources familiar with the matter tell that Apple was concerned about possible user backlash if the investments made resulted in losses, eventually scrapping the project, at last pivoting to a high-yield savings account.
It is uncertain if the stock-trading project is still under the works or has been scraped altogether. Following the decision of Goldman CEO David Solomon to step back from most of the bank’s consumer efforts, it seems unlikely that such a feature could debut soon. However, according to a source, the infrastructure for an investing feature has been mostly built and is ready to go in case Apple decides to move forward with it.
Goldman entered into a partnership with Apple in 2019 to provide consumer lending, which included the Apple Card. Recently, the two companies announced a high-yield savings account exclusively for Apple card users. The two companies also offer a “Pay Later” service in the US to Apple users, enabling users to divide purchases into four payments over six weeks without any interest or fees.
Goldman Sachs is attempting to end its partnership with Apple, despite the success of their credit launch. One possibility is offloading the Apple credit card and related services from American Express. However, reports suggest that Amex is unlikely to accept the deal, and a less well-known bank might step in instead.